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Underwriters have been given an option to buy up to 6.7 million additional shares to cover over-allotment. If the over-allotment option is exercised in full, Genworth Financial would have a 56% ownership interest in Genworth MI Canada Inc.
The IPO will generate net proceeds to Genworth Financial of approximately US$635-730 million, depending on whether the over-allotment option granted by Genworth to the underwriters is exercised, and to what extent. In addition, as a result of the IPO, Genworth MI Canada will retire all outstanding debt and further enhance its well-capitalized financial position.
The closing is scheduled for July 7, subject to customary closing conditions, after which the shares of Genworth MI Canada will begin trading on the Toronto Stock Exchange under the symbol "MIC".
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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